Today’s epic catch-up in ADP jobs data (nicely extrapolated off the back of last month’s NFP) is the biggest beat since Dec 2012 and biggest gain in jobs since Nov 2012. While ISMs and PMIs are missing expectations – and notably small businesses in those surveys saying they are not seeing benefits – ADP claims that small businesses gained the most jobs. Of course, we assume the seasonal adjustments had nothing to do with that… from biggest miss in 4 months to biggest beat in 21 months… normal…
via Zero Hedge http://ift.tt/1kdzPgR Tyler Durden